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CALGARY,
Jan. 22, 2014 /CNW/ - Boxxer Gold
Corp. (TSX Venture: BXX/OTC: BXXRF) ("Boxxer") announced
today that, further to the press releases dated July 4, 2013, July 23,
2013 and August 26, 2013,
Boxxer has issued 2,000,000 common shares to Musgrove Minerals
Corp. ("Musgrove") pursuant to the Empire Project Option
Agreement, as amended, among Konnex Resources Inc.
("Konnex") and Musgrove.
Konnex became the wholly-owned subsidiary of
Boxxer on August 30, 2013 pursuant to
the recent acquisition of all the common shares of Konnex by Boxxer
(the "Acquisition"). At the time of the Acquisition,
pursuant to the Empire Project Option Agreement, in order to
exercise the option on the Empire Project, Konnex was required to
issue Musgrove 1,000,000 Konnex shares (which equates to 5,000,000
Boxxer common shares) and pay $950,000 to earn a 95% interest. Konnex can also
elect to pay an additional $225,000
to Musgrove to earn the final 5% interest. On September 19, 2013, Konnex, Boxxer and Musgrove
entered into an amending agreement in relation to the Empire
Project Option Agreement (the "Amending Agreement").
Pursuant to the Amending Agreement, Boxxer and Konnex agreed to
issue an additional 1,000,000 Boxxer common shares to Musgrove (for
a total of 6,000,000 Boxxer common shares). In exchange for
issuing the additional 1,000,000 Boxxer common shares, Musgrove
agreed to defer $330,000 of option
payments until July 1, 2015. In addition, pursuant to
the Amending Agreement, the parties agreed to amend the timing of
the issuance of the Boxxer common shares required to exercise the
option under the Empire Project Option Agreement such that
2,000,000 Boxxer common shares were due on October 30, 2013, 1,000,000 Boxxer Shares are due
on April 30, 2014 and 3,000,000
Boxxer common shares are due on October 30,
2014.
About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company
involved in the exploration for large polymetallic copper deposits
in North America. Boxxer's
active projects include the Boss and Buena Vista copper projects in
the state of Nevada, the Empire
copper-gold-silver property in Idaho, the DOK copper-gold porphyry property
in Northwest B.C., and the East Breccia copper-silver-molybdenum
property in Ontario. Boxxer
also has the Gordon Lake gold project located 110 kilometres north
of Yellowknife NWT, Canada.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Information: This
news release may contain certain forward-looking information.
All statements included herein, other than statements of historical
fact, are forward-looking information and such information involves
various risks and uncertainties. There can be no assurance that
such information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. In particular, this press release contains
forward-looking information in relation to the exercise of the
Empire Project Option Agreement. There is no certainty that
Boxxer will exercise its option on the Empire Project and there is
no certainty that additional exploration will identify additional
exploration targets or expand the dimensions of known zones of
mineralization on the Empire Project. For any forward-looking
information given, Management has assumed that the results it has
received and reviewed in relation to the Empire Project and the
interpretation thereof are reliable, and has applied geological and
geophysical interpretation methodologies which are consistent with
industry standards. Although Management has a reasonable
basis for the conclusions drawn, actual results may differ
materially from those currently anticipated in such forward-looking
information. A description of additional assumptions used to
develop such forward-looking information and a description of risk
factors that may cause actual results to differ materially from
forward-looking information can be found in Boxxer's disclosure
documents on the SEDAR website at www.sedar.com. Boxxer does not
undertake to update any forward-looking information except in
accordance with applicable securities laws.
SOURCE Boxxer Gold Corp.